309 GEORGE STREET
It was market knowledge that the Commonwealth Bank of Australia (CBA) were looking to leave the premises. Built in 1940s, the asset had performed well with little reinvestment. However with the anchor tenant leaving, we identified that the owner would be left with a building with high vacancy in need of capital for repositioning to attract new tenants. We approached the owner direct to acquire the asset.
Once purchased, we managed a staged exit of CBA over a 4-year period whilst modernising the building: upgrading the retail and foyers spaces; modernising the lifts and progressively modernising floors as they became vacant for smaller tenancies.
We fully leased the building and doubled rents over a 6-year period.
Sydney CBD (next to Wynyard station)
9,300sqm over 12 floors of office space with basement and Level 1 of retail
KEY OFFICE TENANTS
KEY RETAIL TENANTS